Repeal Ordinance No 5407-72 Revenue Bonds Royal Inns of South Bend

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ORDINANCE NO. 5421 -72— AN ORDINANCE TO REPEAL ORDINANCE NO. 5407 -72 AND TO AUTHORIZE THE EXECUTION OF A LEASE, TRUST INDENTURE, AND BONDS AND TO AUTHORIZE THE ISSUANCE OF ECONOMIC DEVELOPMENT REVENUE BONDS PERTAINING TO ROYAL INNS OF SOUTH BEND, A LIMITED PARTNERSHIP WHEREAS, The Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Economic Development Commission pursuant to the provisions of the Municipal Economic Development Act of 1965, as amended; and WHEREAS, the South Bend Economic Development Commission has found by a written resolution that because of existing insufficient employment opportunities, or insufficient diversification of industry, or insufficient pollution control measures, the economic welfare of the City of South Bend, Indiana, would be benefited by the acquisition and leasing to others of industrial facilities, and such resolution and finding has been approved by the Common Council of the City of South Bend, Indiana, and WHEREAS, the South Bend Economic Development Commission has prepared a report estimating the public services which would be desirable by the proposed project, and the expenses thereof, the total project costs of the proposed project and the number of jobs and estimated payroll on account of the acquisition and leasing of the proposed facilities relating to Royal Inn of South Bend, a Limited Partnership, and such report has been submitted to the Chairman of the Plan Commission and to the Superintendent of the South Bend Community School Corporation and their written comments have been received by the Clerk of the Common Council of the City of South Bend, Indiana, and such reports and comments have been appropriately made to such Council, and WHEREAS, the South Bend Economic Development Commission has approved this form of ordinance authorizing the execution of a Lease